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1 Programme Main Media Partner: Under the Patronage of Dr. Wolfgang Schäuble Federal Minister of Finance of the Federal Republic of Germany, Berlin Roland Koch Minister President of the State of Hessen, Wiesbaden Restructuring the Global Financial Architecture The Road Ahead 1

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3 Grußwort Welcome Grußwort des Bundesministers der Finanzen anlässlich der 12. Euro Finance Week 2009 in Frankfurt am Main Wenn wir aus der nun schon länger als zwei Jahre dauernden Finanzkrise die richtigen politischen Schlüsse ziehen wollen, müssen wir die Frage beantworten: Was ist schiefgelaufen? Inzwischen steht fest, dass die Geschichte dieser Krise einer Kombination aus billigem Geld, Deregulierung und einer Renditejagd ohne jede Rücksicht auf mögliche Risiken entwachsen ist. Das billige Geld hat eine übermäßige Fremdfinanzierung und die Kreation zunehmend komplexer und intransparenter Finanzprodukte begünstigt. Hinzu kam, dass der Zusammenhang von Risiko und Haftung von den Kapitalmarktakteuren immer weiter gelockert und gerade bei komplexen Finanzmarktprodukten oft völlig aufgelöst wurde. Das konnte auf Dauer nicht gut gehen. Jetzt müssen die Effizienz der Finanzmärkte und die Rolle des Staates neu überdacht werden. Wir brauchen ein neues Gleichgewicht zwischen Markt und Staat, eine»neue Balance«. Den Finanzmärkten und ihren Akteuren müssen dort, wo sie unsere gesellschaftlichen Werte gefährden, Grenzen gesetzt werden. Dazu braucht der Markt einen Regulierungsrahmen, den ihm nur ein starker Staat bzw. eine starke Staatengemeinschaft geben kann. Das bedeutet nicht, dass das simple Credo der»marktbesessenheit«dem ebenso simplen Credo der»staatsversessenheit«weichen soll. Marktgläubigkeit führt genauso in die Irre wie Staatsgläubigkeit. Aber wenn die Finanzmärkte weiterhin einen positiven Beitrag zur gesellschaftlichen Wohlfahrt leisten und wieder effizient funktionieren sollen, muss die Verbindung zwischen Risiko und Haftung, zwischen Vergütung und Verantwortung wieder hergestellt werden. Nur wenn diese Verbindung gegeben ist, funktionieren unsere Gesellschaftsordnung und unser Wirtschaftssystem nachhaltig. Nur dann wird die Marktwirtschaft auch von den Menschen akzeptiert und eine Legitimationskrise vermieden. Eine Neuausrichtung ist notwendig, damit unsere soziale Marktwirtschaft keinen Schaden nimmt. Bei dieser Neuausrichtung zähle ich auf Ihre aktive Mitwirkung und Unterstützung. Welcome address by the German Federal Minister of Finance at the 12 th Euro Finance Week 2009 in Frankfurt am Main If we are to draw the right political conclusions from the financial crisis now lasting more than two years, we have to ask ourselves first of all what went wrong: By now we can say that this crisis arose from a combination of cheap money, deregulation and profit-chasing with no regard at all for potential risks. Cheap money favoured excessive borrowing and the creation of ever more complex and opaque financial products. Added to this was the fact that actors in capital markets progressively loosened the connection between risk and liability and often dissolved it entirely, particularly with regard to complex financial products. There is no doubt that the liberalisation of trade and services, including financial services, has on the whole brought positive results for the economy and employment in Germany and in the entire world in past decades. However, liberalisation and deregulation went too far in financial markets. It has become evident that the financial markets need rules which they themselves cannot create, let alone apply effectively. That does not mean that the simplistic creed of the»free marketeers«should be replaced by the equally simplistic creed of»statism«. A naive belief in markets is just as misleading as naive trust in the state. But if financial markets are to continue to make a positive contribution to society's welfare and are to function efficiently again, the connection between risk and liability, between compensation and responsibility must be re-established. Only if this connection is in place will our social order and our economic system be sustainable. Only then will the market economy be accepted by the people and a legitimacy crisis be avoided. To cut a long story short: The brave new world of modern financial markets has collapsed. What is needed and overdue is a new equilibrium of financial markets and the community of states, with binding rules which adequately calibrate risk and liability, rewards and responsibility, and which are internationally applied and monitored. I am counting on your active co-operation and support in this endeavor. Dr. Wolfgang Schäuble Federal Minister of Finance of the Federal Republic of Germany, Berlin 3 i

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